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Share Name | Share Symbol | Market | Type |
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Melia Hotels International S A | TG:MEL | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.035 | -0.48% | 7.22 | 7.19 | 7.245 | 7.26 | 7.26 | 7.26 | 14 | 22:50:06 |
RNS Number:1723O Mitsubishi Electric Corporation 31 July 2003 Investor Relations Inquiries: Yasumitsu Kugenuma Corporate Finance Department Tel:+81-3-3218-2391 Yasumitsu.Kugenuma@hq.melco.co.jp Media Contact: Robert Barz Public Relations Department Tel: +81-3-3218-2346 Robert.Barz@hq.melco.co.jp MITSUBISHI ELECTRIC ANNOUNCES Ql RESULTS (APRIL 1,2003 - JUNE 30,2003) TOKYO, July 31, 2003 - Mitsubishi Electric Corporation (hereafter, the Company) today announced its financial results for the first fiscal quarter ending June 30, 2003 as follows: Consolidated Net sales 740.2 billion yen (2% increase year on year) Operating income 8.9 billion yen (16% increase year on year) Income before income taxes 8.3 billion yen (785% increase year on year) Net income 0.6 billion yen (23% decrease year on year) In the first quarter of fiscal 2004 (April 1, 2003 - March 31, 2004) some Asian countries continued to experience economic expansion. But the global economy on the whole slowed down, especially in the United States and Europe, with the Japanese economy experiencing a decrease in exports along with the ongoing stagnant recovery in domestic demand. Consequently, the business environment facing the Company continues to be severe. Under these conditions, the Company continued to restructure its businesses by spinning off most of its semiconductor business, mainly system LSIs, and established Renesas Technology Corp. (a joint venture with Hitachi Ltd. established on April 1, 2003, an affiliated company accounted for by the equity method). The Company also made efforts to improve and reinforce profitability in each business and implemented company-wide managerial improvement measures, including "E 2 21 Project Activities" for drastically reducing procurement costs and "EA21 Activities" for curtailing inventory and other assets and fixed costs. These efforts combined with our promotion of growth strategies for expanding added value were pursued to further improve business performance and financial standing and to strengthen our management foundation. Consolidated Results by Business Segment In the Energy and Electric Systems segment, sales rose 5% to 141.0 billion yen year on year with an operating loss of 1.2 billion yen, which worsened by 0.6 billion yen year on year. Sales and orders in the social infrastructure business were lower compared to the same quarter last year. This was partially due to a decrease in private capital investment by domestic power and manufacturing companies and in public investment. In addition, the spinning off of our power electric systems and power transformer businesses contributed to these lower sales and orders. For the building systems business, despite a slump in demand in new domestic elevator installations, it posted the same level of orders as the same quarter last year, but achieved an increase in sales thanks to large overseas projects. As a result, total sales for this segment were up 5% year on year while operating income worsened by 0.6 billion yen due to price declines, etc. In the Industrial Automation Systems segment, sales rose 16% to 167.2 billion yen year on year while operating income increased by 2.7 billion yen to 16.1 billion yen year on year. The industrial products business posted increases in both sales and orders. This was due to an increase in domestic demand by manufacturers of semiconductors, liquid crystal displays (LCD) and automobile products for processing machinery, along with increased foreign demand of programmable controllers, servo motors and numerical controllers (NC) in Taiwan, South Korea, China and other Asian countries. Sales for this quarter in the automotive equipment business exceeded that of the preceding year due to increases in electronic equipment for Japanese and overseas automobile manufacturers. As a result, total sales for this segment were up 16% year on year and operating income increased by 2.7 billion yen due to stronger sales, etc. In the Information and Communication Systems segment, sales rose 25% to 149.8 billion yen year on year with an operating loss of 1.1 billion yen, which represents an improvement of 3.9 billion yen, year on year. Sales and orders in the telecommunications business increased thanks to a rise in domestic mobile handset sales and wireless base stations to China. The information systems and services business posted increased sales thanks to a growth in mainly system integration and system operation service projects. Orders in the space business fell year on year due to the between season of major government projects. But sales rose compared to the same quarter last year. The defense electronics business also saw a drop in orders due to reduction in major projects, while sales gained against the same quarter last year. As a result, total sales for this segment increased 25% year on year and operating income improved by 3.9 billion yen due to improved profitability in the mobile handset business, etc. In the Electronic Devices segment, sales fell 60% to 43.3 billion yen year on year with an operating loss of 3.3 billion yen, which represents an improvement of 5.6 billion yen, year on year. The semiconductor business faced reduced sales and orders. This occurred because of the spinning off of the system LSIs and system memory businesses that offset the increases in power amplifiers for mobile handsets with digital cameras and laser diodes for recordable DVDs. The liquid crystal business also experienced a decrease in both sales and orders due to a wide-scale price collapse in the commodity market (i.e. PC-use, etc.) despite solid results in the display business for factory equipment and other industrial products. As a result, total sales for this segment decreased 60% year on year and operating income improved by 5.6 billion yen due to improved semiconductor business performance, etc. In the Home Appliances segment, sales rose 12% to 195.9 billion yen year on year while operating income was 4.9 billion yen, which represents a decrease of 8.0 billion yen, year on year. Sales rose in this segment due to increases in ventilators, hot water heaters, solar power generation systems and other residential home equipment, DVD-related equipment and packaged air conditioners for Japan and Europe while sales in home air conditioners and liquid crystal projectors decreased. As a result, total sales for this segment increased 12% year on year while operating income worsened by 8.0 billion yen due to price declines, etc. In the Others segment, sales fell 12% to 111.9 billion yen year on year while operating income was 1.1 billion yen, which represents a decrease of 2.3 billion yen, year on year. Overall sales decreased due mainly to the change of our financial subsidiary into an affiliated company accounted for by the equity method, and other factors. As a result, total sales for this segment decreased 12% year on year while operating income worsened by 2.3 billion yen due to weak sales, etc. Forecast for 1st Half Period (April 1,2003 to September 30,2003) Although the recovery in demand both in Japan and overseas remains unforeseeable as the harsh business environment is expected to continue, the current interim forecasts for Fiscal 2004 (April 1, 2003 - September 30, 2003) are the same as its original forecast, which was announced on April 28, 2003 as per below: Consolidated Net sales 1.5000 trillion yen (8% decrease year on year) Operating income 5.0 billion yen (78% decrease year on year) Income before income taxes 5.0 billion yen (58% decrease year on year) Net income Nil Note: The forecast of results above is based on assumptions deemed reasonable by the Company at the present time, and actual results may differ significantly from forecasts. CONSOLIDATED FINANCIAL RESULTS (In billions of yen) FY'04 1st quarter FY'03 1st quarter April 1-June 30, 2003 April 1-June 30, 2002 A/B(%) (A) (B) Net sales 740.2 726.8 102 Operating income 8.9 7.7 116 Income before income taxes 8.3 0.9 885 Net income 0.6 0.8 77 Net income per share (in yen) 0.31 0.40 77 Note: 1) Consolidated financial charts made according to U.S. GAAP. 2) Company has 136 consolidated subsidiaries, 3) This report is unaudited. CONSOLIDATED PROFIT AND LOSS STATEMENT (In millions of yen) FY' 04 FY '03 1st Quarter % of 1st Quarter % of April - June total April - June total A - B A / B (%) Net sales 740,212 100.0 726,876 100.0 13,336 102 Cost of sales 562,790 76.0 535,801 73.7 26,989 105 Selling, general and administrative expenses 168,473 22.8 183,350 25.2 (14,877) 92 Operating income 8,949 1.2 7,725 1.1 1,224 116 Non-operating income 12,340 1.7 8,280 1.1 4,060 149 Interest and Dividends 2,841 0.4 3,797 0.5 (956) 75 Other income 9,499 1.3 4,483 0.6 5,016 212 Non-operating expenses 12,965 1.8 15,064 2.1 (2,099) 86 Interest 4,393 0.6 5,543 0.8 (1,150) 79 Other expenses 8,572 1.2 9,521 1.3 (949) 90 Income before income taxes 8,324 1.1 941 0.1 7,383 885 Income taxes 5,351 0.7 339 0.0 5,012 16 times Equity in earnings (losses) of affiliated companies (2,315) (0.3) 255 0.0 (2,570) - Net income 658 0.1 857 0.1 (199) 77 CONSOLIDATED BALANCE SHEET (In millions of yen) FY '04 Quarter ending FY '03 ending June 30, 2003 March 31, 2003 A - B (A) (B) (Assets) Current assets 1,815,288 1,937,537 (122,249) Cash and cash equivalents 417,507 363,595 53,912 Short-term investments 22,489 22,523 (34) Trade receivables 654,277 821,943 (167,666) Inventories 487,172 510,750 (23,578) Prepaid expenses and other current assets 233,843 218,726 15,117 Long-term trade receivables 13,285 19,795 (6,510) Investments 448,375 359,961 88,414 Net property, plant and equipment 596,771 727,770 (130,999) Other assets 573,787 628,574 (54,787) Total assets 3,447,506 3,673,637 (226,131) (Liabilities and shareholders' equity) Current liabilities 1,410,715 1,589,322 (178,607) Bank loans and current portion of long-term debt 486,458 555,863 (69,405) Trade payables 555,976 650,696 (94,720) Other current liabilities 368,281 382,763 (14,482) Long-term debt 621,232 628,361 (7,129) Employee retirement and severance benefits 938,786 995,765 (56,979) Other fixed liabilities 12,536 11,596 940 Minority interests 52,629 54,006 (1,377) Shareholders' equity 411,608 394,587 17,021 Capital 175,820 175,820 - Capital surplus 210,671 210,671 - Retained earnings 345,068 350,851 (5,783) Accumulated other comprehensive income(loss) (319,879) (342,687) 22,808 Treasury stock at cost (72) (68) (4) Total liabilities and stockholders' equity 3,447,506 3,673,637 (226,131) Balance of Debt 1,107,690 1,184,224 (76,534) Accumulated other comprehensive income (loss) Foreign currency translation adjustments (2,143) (686) (1,457) Minimum pension liability adjustments (332,712) (346,546) 13,834 Net unrealized gains on securities 14,976 4,545 10,431 Fiscal 2004, 1st quarter: April 1, 2003 June 30, 2003 CONSOLIDATED CASH FLOWS (In millions of yen) FY '04 FY '03 1st Quarter 1st quarter April 1 - April 1 - A - B June 30, 2003 June 30, 2002 I Cash flows from operating activities 1 Net income 658 857 (199) 2 Adjustments to reconcile net income to net cash provided by operating activities (1) Depreciation 26,165 49,764 (23,599) (2) Decrease in trade receivables 123,649 149,379 (25,730) (3) Decrease (increase) in inventories (18,971) (65,394) 46,423 (4) Increase (decrease) in trade payables (49,404) (91,393) 41,989 (5) Other, net (13,565) (27,523) 13,958 Net cash provided by operating activities 68,532 15,690 52,842 II Cash flows from investing activities 1 Capital expenditure (15,761) (27,608) 11,847 2 Proceeds from sale of property, plant and equipment 2,983 1,527 1,456 3 Purchase of short-term investments and investment securities (19,997) (3,985) (16,012) 4 Proceeds from sale of short-term investments and investment securities 21,723 9,694 12,029 5 Other, net 8,146 1,794 6,352 Net cash used in investing activities (2,906) (18,578) 15,672 I + II Free cash flow 65,626 (2,888) 68,514 III Cash flows from financing activities 1 Proceeds from long-term debt 51,879 68,681 (16,802) 2 Repayment of long-term debt (17,230) (60,344) 43,114 3 Increase (decrease) in bank loans, net (41,237) (101,461) 60,224 4 Dividends paid (6,440) - (6,440) 5 Purchase of treasury stock (4) - (4) Net cash provided by (used in) financing activities (13,032) (93,124) 80,092 IV Effect of exchange rate changes on cash and cash equivalents 1,318 (64) 1,382 V Net increase (decrease) in cash and cash equivalents 53,912 (96,076) 149,988 VI Cash and cash equivalents at beginning of period 363,595 454,890 (91,295) VII Cash and cash equivalents at the end of period 417,507 358,814 58,693 CONSOLIDATED SALES AND OPERATING INCOME BY BUSINESS SEGMENT (In millions of yen) FY'04 1st quarter FY'03 1st quarter April 1-June 30, 2003 (A) April 1-June 30, 2002 (B) A/B Business Segment Sales (A) % of Operating Sales (B) % of Operating total income total income (Loss) (Loss) Energy and Electric Systems 141,073 17.4 (1,227) 133,780 16.6 (555) 105 Industrial Automation Systems 167,230 20.7 16,164 144,238 17.8 13,416 116 Information and Communication Systems 149,826 18.5 (1,178) 120,087 14.9 (5,170) 125 Electronic Devices 43,311 5.4 (3,366) 108,029 13.4 (8,986) 40 Home Appliances 195,948 24.2 4,915 174,408 21.6 13,012 112 Others 111,945 13.8 1,160 127,151 15.7 3,460 88 Sub Total 809,333 100.0 16,468 807,693 100.0 15,177 100 Eliminations, others (69,121) - (7,519) (80,817) - (7,452) - Total 740,212 - 8,949 726,876 - 7,725 102 *Note: Intersegment sales are included in each product segment above. About Mitsubishi Electric With over 80 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over The world, Mitsubishi Electric Corporation (TSE: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications) space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. The company has operations in 35 countries and recorded consolidated group sales of 3,639 billion yen (US$30.3 billion*) in the year ended March 31, 2003, For more information visit http://global.mitsubishielectric.com *At an exchange rate of 120 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31,2003. Cautionary Statement The expectation of operating results herein and any associated statement to be made with respect to Company's current plans, estimates, strategies and beliefs and any other statements that are not historical facts are forward-looking statements. Words such as "expects", "anticipates", "plans", "believes", "scheduled", "estimated", "targeted" along with any variations of these words and similar expressions are intended to identify forward-looking statements which include but are not limited to projections of revenues, earnings, performance and production. While the statements herein are based on certain assumptions and premises that trusts and considers to be reasonable under the circumstances to the date of announcement, you arc requested to kindly take note that actual operating results are subject to change due to any of the factors as contemplated hereunder and/or any additional factor unforeseeable as of the date of this announcement. Such factors materially affecting the expectations expressed herein shall include but are not limited to the following; (1) Any change in operating circumstances in any of the markets, in which the Company conducts its business operation inter alia Japan, the USA and Europe: such change shall include but not limited to changes in economic situation, political regime, legal system and legislation, relevant laws and regulations, administrative policies and practices by any competent authorities, taxation in any of" such markets. (2) Foreign exchange fluctuations, in particular, the rate of Japanese yen against US Dollar. (3) Relative disproportion between demand and supply of any products that may affect price and volume, which could be highly intrusive in such fields like information, telecommunication, electronic devices and home appliances, without limitation thereto. (4) Shortage of any devices, components and/or parts necessary for manufacturing operation and difficulties in material procurement arising out of such shortage, which could even lead to substantial disconformity with the operating results as expected herein. Also this factor could be highly intrusive in such fields as information, telecommunication, electronic devices and home appliances, without limitation thereto. (5) Any change in technical and technological trends that may he relevant to businesses of the Company, including but not limited to IT-based or IT-relaled fields. (6) Any patent and its licensing that may be granted from time to time and may affect businesses of the Company. (7) Any development of products incorporating new technological innovation and the time of their introduction in the marketplace. (8) Any business alliances of any nature whatsoever, including but not limited to joint ventures, business transfers, mergers, acquisitions, capital contributions, technical licensing or co-development. (9) Any change in fund raising or procurement, inter alia in the Japanese financial market. (10) Any fluctuation in stock quotations at any relevant markets including securities exchanges and over-the counter stock markets, inter alia in Japan. This information is provided by RNS The company news service from the London Stock Exchange END QRFGRGDRUUXGGXB
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